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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Increase (Decrease) in net assets resulting from operations $ 513,093 $ 505,940 $ 183,989
Adjustments to reconcile increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Net change in unrealized (gains) losses on investments (51,500) (102,963) (61,554)
Net change in unrealized (gains) losses on foreign currency transactions 132,414 (31,061) 4,799
Net realized (gains) losses on investments (15,147) (3,734) 0
Net realized (gains) losses on foreign currency transactions (2,836) (2,939) (21)
Net amortization of discount on investments (61,734) (25,210) (11,819)
Amortization of deferred financing costs 11,900 8,301 5,216
Amortization of discount on debt 2,125 966 0
Purchases and originations of investments, net (2,811,517) (4,763,492) (2,285,956)
Proceeds from investments, net 209,094 469,242 0
Repayments on investments 1,947,108 315,555 80,121
Paid-in-kind interest (69,249) (33,672) (11,144)
Changes in operating assets and liabilities:      
Interest receivable (5,701) (38,936) (16,842)
Interest receivable paid-in-kind (1,421) (1,022) (3,282)
Prepaid expenses and other assets (18,783) (871) (1,878)
Management fees payable to affiliate 2,855 4,511 2,245
Incentive fees on net investment income payable to affiliate 3,586 9,049 6,156
Incentive fees on net capital gains accrued to affiliate (9,627) 17,803 6,746
Other payables to affiliates 553 1,234 (1,656)
Other liabilities 61,012 (844) 13,053
Net Cash Provided by (Used in) Operating Activities (163,775) (3,672,143) (2,091,827)
Cash Flows from Financing Activities      
Borrowings on debt 3,304,036 8,610,981 2,886,747
Repayments on debt (3,650,332) (5,484,716) (2,181,500)
Deferred financing costs (20,635) (28,454) (9,458)
Dividends paid to shareholders (212,626) (236,204) (19,761)
Capital calls 0 1,999,736 1,150,000
Net Cash Provided by (Used in) Financing Activities (579,557) 4,861,343 1,826,028
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (743,332) 1,189,200 (265,799)
Cash, cash equivalents and restricted cash, beginning of period 1,198,013 8,813 274,612
Cash, Cash Equivalents and Restricted Cash, End of Period 454,681 1,198,013 8,813
Supplemental Information:      
Interest paid during the period 199,119 158,054 57,313
Excise and other taxes paid during the period 1,177 3,494 395
Dividends declared during the period 556,797 478,109 107,004
Non-Cash Financing Activities:      
Reinvestment of dividends during the period $ 177,722 $ 191,836 $ 43,371